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Billionaire Rinehart's son wants $19 million from mum for 15 years of shoddy treatment

Published on Mar 13, 2013 3:42 PM
 
Ms Gina Rinehart, chairwoman of Hancock Prospecting Pty., speaks at the Commonwealth Business Forum in Perth, Australia, on Wednesday, Oct 26, 2011. Ms Gina Rinehart's son sought a A$15 million (S$19.28 million) "sorry payment" from his mother for how she had treated him over the years, a report said on Wednesday, March 13, 2013. -- FILE PHOTO: BLOOMBERG

SYDNEY (AFP) - The son of Australia's richest person, Ms Gina Rinehart, sought a A$15 million (S$19.28 million) "sorry payment" from his mother for how she had treated him over the years, a report said on Wednesday.

Iron ore billionaire Rinehart is embroiled in a legal battle with two of her four children, including son John Hancock, over control of a family trust reportedly worth A$4 billion.

Mr Hancock's request is contained in documents tendered to the New South Wales Supreme Court as part of a dispute over the trust, set up by Ms Rinehart's father, the late Lang Hancock, in 1988, with the four grandchildren as beneficiaries.

Ms Rinehart was due to be in charge of the trust, which holds a 23.4 per cent slice of her company Hancock Prospecting, until the youngest grandchild turned 25 in 2011. Just days before, however, she said she wanted to alter the payout date to 2068 so they did not face a huge tax bill.

 
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